Chevron Builds on CCS Portfolio With Greenhouse Gas Assessment Permit Offshore Australia
Chevron (NYSE: CVX), through its subsidiary Chevron Australia New Ventures, has been awarded a greenhouse gas (GHG) assessment permit offshore Western Australia. The G-18-AP permit covers 8,467 km² and water depths of 50-1100m. This will be part of a CCS hub to store emissions, including from Chevron's LNG assets. Chevron holds a 70% interest, while Woodside Energy holds 30%. Chevron plans to farm down 5% equity to GS Caltex, conditional on approvals. This permit adds to Chevron's CCUS portfolio, including the Gorgon CCS project, which has stored 10 million tonnes of CO2-equivalent. According to the IEA, global net zero is unattainable without CCUS.
Chevron (NYSE: CVX), attraverso la sua controllata Chevron Australia New Ventures, ha ricevuto un permesso per la valutazione dei gas serra (GHG) al largo dell'Australia Occidentale. Il permesso G-18-AP copre 8.467 km² e profondità d'acqua di 50-1100m. Questo farà parte di un hub di CCS per immagazzinare le emissioni, inclusa quelle degli asset LNG di Chevron. Chevron detiene una partecipazione del 70%, mentre Woodside Energy ne detiene il 30%. Chevron prevede di cedere una partecipazione del 5% a GS Caltex, subordinatamente alle approvazioni. Questo permesso si aggiunge al portafoglio CCUS di Chevron, compreso il progetto Gorgon CCS, che ha immagazzinato 10 milioni di tonnellate di CO2 equivalente. Secondo l'IEA, il net zero globale è irraggiungibile senza CCUS.
Chevron (NYSE: CVX), a través de su filial Chevron Australia New Ventures, ha recibido un permiso para la evaluación de gases de efecto invernadero (GHG) en alta mar, frente a la costa de Australia Occidental. El permiso G-18-AP cubre 8.467 km² y profundidades de agua de 50-1100m. Esto será parte de un centro de CCS para almacenar emisiones, incluidas las de los activos de LNG de Chevron. Chevron tiene un interés del 70%, mientras que Woodside Energy posee el 30%. Chevron planea ceder un 5% de participación a GS Caltex, sujeto a aprobaciones. Este permiso se suma al portafolio de CCUS de Chevron, que incluye el proyecto Gorgon CCS, que ha almacenado 10 millones de toneladas de CO2 equivalente. Según la IEA, el neto cero global es inalcanzable sin CCUS.
Chevron (NYSE: CVX)는 그 자회사 Chevron Australia New Ventures를 통해 서호주 해역에서 온실가스(GHG) 평가 허가를 받았습니다. G-18-AP 허가는 8,467 km²의 면적과 50-1100m의 수심을 포함합니다. 이는 Chevron의 LNG 자산에서 발생하는 배출물을 저장하기 위한 CCS 허브의 일부가 될 것입니다. Chevron은 70%의 지분을 보유하고 있으며, Woodside Energy는 30%를 보유하고 있습니다. Chevron은 GS Caltex에 5%의 지분을 양도할 계획이며, 이는 승인을 조건으로 합니다. 이 허가는 Chevron의 CCUS 포트폴리오에 추가되며, 이에는 1천만 톤의 CO2에 해당하는 배출량을 저장한 Gorgon CCS 프로젝트가 포함됩니다. IEA에 따르면, CCUS 없이는 전 세계적인 탄소 중립은 불가능합니다.
Chevron (NYSE: CVX), par l'intermédiaire de sa filiale Chevron Australia New Ventures, a obtenu un permis d'évaluation des gaz à effet de serre (GHG) au large de l'Australie-Occidentale. Le permis G-18-AP couvre 8 467 km² et des profondeurs d'eau de 50 à 1100 m. Cela fera partie d'un hub CCS pour stocker les émissions, y compris celles des actifs de GNL de Chevron. Chevron détient un intérêt de 70 %, tandis que Woodside Energy en détient 30 %. Chevron prévoit de céder 5 % des parts à GS Caltex, sous réserve d'approbations. Ce permis s'ajoute au portefeuille CCUS de Chevron, y compris le projet Gorgon CCS, qui a stocké 10 millions de tonnes de CO2 équivalent. Selon l'IEA, atteindre un net zéro mondial est impossible sans CCUS.
Chevron (NYSE: CVX) hat über ihre Tochtergesellschaft Chevron Australia New Ventures eine Genehmigung zur Bewertung von Treibhausgasen (GHG) vor der Westküste Australiens erhalten. Die Genehmigung G-18-AP umfasst 8.467 km² und Wassertiefen von 50-1100m. Dies wird Teil eines CCS-Hubs zur Speicherung von Emissionen sein, einschließlich der von Chevrons LNG-Assets. Chevron hält eine Beteiligung von 70%, während Woodside Energy 30% hält. Chevron plant, 5% der Beteiligung an GS Caltex abzugeben, vorbehaltlich der Genehmigungen. Diese Genehmigung erweitert das CCUS-Portfolio von Chevron, einschließlich des Gorgon CCS-Projekts, das 10 Millionen Tonnen CO2-Äquivalent gespeichert hat. Laut der IEA ist globales Netto-Null ohne CCUS unerreichbar.
- Awarded GHG assessment permit offshore Western Australia covering 8,467 km².
- 70% interest in permit with Woodside Energy holding 30%.
- Expands Chevron's CCS portfolio, including the Gorgon CCS project.
- Gorgon CCS project captured and stored 10 million tonnes of CO2-equivalent.
- Equity farm-down to GS Caltex is conditional on regulatory approvals.
Insights
Chevron's acquisition of the GHG assessment permit in Western Australia marks a significant step in expanding its carbon capture and storage (CCS) portfolio. This move aligns with the global push towards net-zero emissions and positions Chevron as a key player in the emerging CCS market.
The permit's strategic location offshore from Onslow provides Chevron with the potential to create a hub for storing third-party emissions, including those from its own LNG assets. This could significantly enhance the company's ability to reduce its carbon footprint and offer emissions reduction solutions to other industries in the region.
The joint venture with Woodside Energy and the potential involvement of GS Caltex demonstrates a collaborative approach to tackling climate change, which could lead to more efficient and cost-effective CCS implementations. However, the success of this project will depend on technological advancements, regulatory support and market demand for carbon storage services.
Chevron's expansion of its CCS portfolio through this new permit is a strategic move that could yield significant long-term benefits. The company is positioning itself to capitalize on the growing demand for emissions reduction solutions, potentially creating a new revenue stream while addressing climate concerns.
The scale of the permit area (8,467 km2) and its water depth range (50-1100m) suggest substantial storage capacity, which could make it an attractive option for industries seeking to offset their emissions. Chevron's experience with the Gorgon CCS project, which has already stored
However, investors should note that CCS projects often require significant upfront investment and may face technological and regulatory challenges. The project's profitability will depend on factors such as carbon pricing mechanisms and the pace of global decarbonization efforts.
The G-18-AP permit is offshore from Onslow,
The permit involves a joint venture with Chevron as operator, and Woodside Energy Ltd. Chevron will hold a
“Chevron, along with our joint venture participants, have a unique set of assets, capabilities and customer relationships to support the further assessment, development and deployment of carbon capture and storage (CCS) in Australia,” said Chris Powers, vice president of CCUS & Emerging for Chevron New Energies.
“Together with the Chevron-operated Gorgon CCS project, one of the world’s largest integrated facilities, coupled with our existing GHG assessment permits, this new award has potential to expand Chevron’s portfolio of CCS assets in Australia,” he said.
Mark Hatfield, managing director, Chevron Australia said: “These opportunities have the potential to help us lower the carbon intensity of our own operations as well as provide opportunities to help our customers reduce or offset emissions from their activities.”
This block award adds to Chevron’s non-operated interests in G-9-AP, G-10-AP and G-11-AP as well as operating Gorgon CCS which has now captured and stored 10 million tonnes of CO2-equivalent.
According to the International Energy Agency, reaching global net zero will be virtually impossible without CCUS.1
1 Energy Technology Perspectives 2020, Special Report on Carbon Capture Utilisation and Storage p13
“Reaching net zero will be virtually impossible without CCUS”
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable, and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies. More information about Chevron is available at www.chevron.com.
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Chevron
Kelly Russell
KellyRussell@chevron.com
(936) 333-4077
Source: Chevron Corporation
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